Compensation Management Software: Why It Is Important
Remuneration regime is part of company policy to attract talent and retain loyal employees. Therefore, large enterprises are willing to invest in compensation management software to create employee benefits effectively.
In addition, many businesses do not fully understand the importance of the remuneration regime for the business's development and the benefits management software can bring to the HR dep's daily activities.
Let us clarify these issues and recommend a solution that may satisfy you.
Compensation management is a very important affair for every business
What is Compensation Management?
Compensation management, or compensation and benefits (C&B) management, is part of the job of the HR department in general and C&B employees in particular. Accordingly, these personnels will be responsible for salary and promotion decisions and corporate policies, including salaries, allowances, health insurance, and other compensation-related benefits.
These are the benefits businesses provide to employees to support them in terms of material and spiritual life and encourage them to work and contribute more actively. Compensation management is a very important affair for every business
In addition to a reasonable salary, employees can enjoy several benefits from the company's good remuneration system, such as:
- Allowance for meals, petrol, phone calls, and birthday
- Bonuses and commissions
- Social and health insurance
- Annual health check
- Annual company trip
- Team-building activities
- Annual leaves and public holidays
- Training programs (knowledge, skills, or language learning)
- Equipment and device to support work
- Good facilities
- And many others.
Remuneration is something that every employee is interested in when joining the company
The Importance of Compensation Management
As we can see, the employee remuneration regime is very important for employees, businesses, and society.
Sign up for a trial of FieldCheck multi-function management software
Although each company and organization will have different regimes for employees as well as rights for each person depending on their job position and position, good compensation management can result in the following:
Improve Staff Performance
A clear and reasonable salary policy helps to ensure that employees have a comfortable and financially secure life. Employees, when they come to work, do not have to worry about the problems of food and money.
At that time, they will focus on work and work more enthusiastically, promoting labor productivity and creativity. Moreover, a good remuneration regime also creates conditions for employees to develop personally and professionally and improve their physical and mental health, thereby bringing high results to the business.
See more: Why Is Productivity Management Important For Businesses?
Good remuneration helps increase employee productivity
Boost Employee Motivation
As mentioned above, employees may receive different remuneration and benefits depending on their position and position in the enterprise, making some employees feel it is unfair when they are not entitled to certain benefits.
However, rights often go hand in hand with responsibilities. Building a clear benefit policy is a way to affirm the position of employees in the enterprise and is also a source of motivation for employees to work harder. Because the higher the place, the higher the remuneration for them.
Employees will be more motivated to contribute and strive because they know they will get what they deserve.
The higher the position, the greater the benefits
Drive For Employee Commitment And Retention
Many businesses' talent attraction policies include remuneration as an essential component. In today's fiercely competitive labor market, developing a salary and bonus policy and attractive remuneration regimes will assist businesses in easily attracting potential candidates.
As a result, many employers today specify or mention all of the benefits and incentives employees will receive in interviews to entice and convince talented and capable employees to work for the company.
Not only that, but the benefits businesses provide to their employees are the factors most employees use to decide whether to stay or leave. It is considered their main concern in working towards commitment and long-term attachment to the company.
An enterprise with many good remuneration regimes will make employees feel satisfied. As a result, that corporation can maintain the stability of human resources and retain many talents.
Remuneration is one of the important factors to attract talents
The Benefits of Compensation Management Software
In this section, let's find out what compensation management software is and why many businesses today use it to calculate salaries and develop employee compensation policies.
First, compensation management software is a policy-making system based on the essential needs of employees and the allowed budget of the business to provide good employee benefits.
The application of compensation management software helps reduce the workload for managers and HR professionals. At the same time, the software also reduces business costs and allows leaders to make informed decisions regarding recruitment and year-end bonus planning.
With software management, HR administrators save a lot of time classifying and organizing employees' records and easily storing information about salary, bonus, leave, insurance, social security, and other employee benefits. The software will automate these tasks and store, update, and look up all information directly on the software's system.
As a result, the manager can monitor the working process of each individual to properly assess the employee's capacity and active attitude to offer a salary and remuneration regime suitable to each individual's position and contributions.
Software application is a must for most businesses today
FieldCheck Software Key Features
FieldCheck software is a product of Asia Plus, which provides software solutions and mobile management applications for businesses. With a team of experts in marketing and data management, FieldCheck can help HR departments perform tasks such as timekeeping, payroll, and reporting easily and efficiently.
Flexible Attendance Management
The FieldCheck tool supports employees checking in and out daily directly on the application installed on each individual's mobile device. At the same time, it helps managers capture details of employees' actions without worrying about being limited in time and place.
Employees can easily apply for leave, leave late, or leave early with just a few simple steps on the application. HR will approve directly, and information is also sent to employees quickly.
Easy and flexible time attendance management
Calculating Sales Commissions
All data is recorded directly on the software to help managers accurately evaluate each salesperson's activities. From there, the software will automatically calculate salaries and commissions for employees with good sales based on KPIs set up on FieldCheck's system. With FieldCheck, the calculation steps are extremely simple. It can flexibly customize the calculation formula according to the requirements of the business.
Calculate commissions for employees
Compatible With Available Systems
FieldCheck is an independent support software that helps businesses streamline their business management processes effectively. The application can run in parallel without interfering with other enterprise systems such as IAP, DMS, etc.
Digital Signature (E-Sign)
E-sign is one of the new features of FieldCheck to serve the needs of signing confirmations from stakeholders. When creating a new task, the software asks the user to sign it by drawing in the box displayed on the main screen.
Depending on the nature of the task, the administrator (admin) can insert one or more signatures. This signature image can be used to confirm payroll, make time reports in PDF, etc.
Sign up for a trial of FieldCheck multi-function management software
FieldCheck Extra Features
In addition to applying the software to serve the needs of employee benefits management, retail businesses can also take advantage of other outstanding features of FieldCheck to manage operational processes at their stores.
Store Display
Developed to help businesses manage field staff effectively, FieldCheck integrates some typical features, such as visual merchandise, also known as online sales, to help retailers improve the store display management process.
If the field staff completes the assigned work, it will be the basis for managers to evaluate and offer reasonable remuneration.
Retail Audit
FieldCheck provides a comprehensive platform for retail businesses with the ability to easily create digital checklists (daily checklists) on mobile devices.
Store managers can create tasks and send them to their employees through the admin tool on the software's system.
